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Suncity Listco warns of widening losses in 2019

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Suncity Listco warns of widening losses in 2019 by reelgame site
Hong Kong-listed Suncity Group Holdings Ltd said it expects a loss of 1.51 billion yuan ($212.3 million) for the fiscal year ended December 31, 2019, up from a loss of 1.46 billion yuan a year earlier.

The listed company is controlled by Alvin Chow-Chukwah, who is also the president of Suncity Group, a private junket brand in Macau. The junket brand is said to be the largest single investor in the operation of junkets in the Macau market by investment analysts. The listed company does not include revenue sources from Macau junkets in its assets.

In a filing on Friday, Suncity Group Holdings said the expected losses were due to recognition of impairment in interest on affiliates and changes in the fair value of investment properties and losses to derivative financial instruments. The listed companies also reported expected losses as a share of losses from the disposal of part of their shares in affiliates and deemed disposal of their subsidiaries and joint ventures, according to the latest filing.

Suncity Group Holdings provides hotel and casino resort consulting services to developers in several Asian regions.

The company recently confirmed its participation in a casino resort development project called "Westside City Resort" in Manila, the capital of the Philippines. The company also has an investment stake in the construction of Hoiana, a large casino resort located in central Vietnam, and a leading stake in Summit Ascent Holdings Ltd, the founder of the Tigre de Crystal Casino complex located in Russia's Far East.

Suncity Group Holdings Ltd Suncity Group Holdings Ltd SunCity is set to report its full-year 2019 earnings on March 27.

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Researcher at ERT Cosmetic Clinic Richmond